Your daily dose of financial news The Brief – 5.5.16

Robins Kaplan LLP

The Consumer Financial Protection Bureau is releasing a rule today that will ban consumer financial services providers from “prohibiting customers, through contracts with mandatory arbitration clauses, from filing or joining class actions.” The rule would affect bank accounts, credit cards, and other types of consumer loans, and—unsurprisingly—the financial industry isn’t a fan – Law360 and NYTimes and Bloomberg

Europe has cited anti-crime reasons for phasing out the 500-euro bank note (a “large denomination in a widely circulated and easily convertible currency,” making it the “currency of choice for drug cartels”) from circulation. Seems to make sense, though critics see ulterior motives, including making it “easier for the central bank to push interest rates to new lows” – NYTimes and WSJ

No one seems content calling these normal economic times and being done with it. Case in point—billionaire trader Stanley Druckenmiller. At the Ira Sohn Investment Conference in NY this week, Druckenmiller likened the current bull market to that of the pre-crisis era, and he blames the Fed for keeping interest rates so low and risking an “ephemeral sugar high” – WSJ

Bloomberg suggests that Big Chemical may just be strong enough to bail out its flashier cousin Big Oil – Bloomberg

Breakingviews is calling Credit Suisse to the carpet for waiting to sell off distressed credit and securitized products that it could have sold back in October. Though the financial hit its taking now isn’t all that different from last fall, it appears that the financial maneuvering may have harmed the bank’s credibility – NYTimes

A couple of “bite-sized deals” on Tuesday may be a sign of bigger things to come in the bank merger & acquisition space – WSJ

$815 million is all fine and good, but Tribune Publishing’s giving a big “Nahhh” to Gannett’s takeover bid – NYTimes and WSJ

Big Billy Gross: philatelist extraordinaire.  Who knew? – NYTimes and WSJ

Another Star Wars day has come and gone (May the Fourth [be with you]). Luckily, Wired had us coveredWired

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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